Before Covid, there was a big demand for office space in downtown Detroit. Then the pandemic dramatically changed the landscape, with buildings reporting high vacancy rates. An increasing number of businesses allowed employees to work remotely.
The fallout from the pandemic was illustrated this week when the historic 18-story Ford Building at 615 Griswold, in the heart of downtown, sold at auction for $5.05 million, Crain’s Detroit Business reports.
That figure was far less than the $16.35 million its owners paid in the summer of 2017, when the market was far stronger than it is today. The building is only 14 percent occupied…